Tips for Becoming a Successful Entrepreneur

Anyone who has ever worked for someone has for once, in their life, thought about how it would be like to be their own boss for a change? Being answerable to no one but you is an alluring feeling. Some people paint a dreamy image and then laugh off this idea believing for it to be too good or too hard to be true. For others, the believing lot, they actually make a run for it and start a small enterprise on an innovation, skill, talent or market trend, as per their potential, resources and scope. Some businesses who begin with such dynamics flourish beautifully, whereas the others fail.

Wal-mart, one of the most renowned countries in the world today started off as a small business by Sam Dalton in 1950. Soon Dalton developed successful strategies to increase sales due to which his business flourished and Walmart became the huge name that it is today. Today many others are following Dalton; s footsteps and becoming the masters of their own destiny.

A little guidance is always better than kicking off blindly, in midair. Some people are not set out to work for themselves. They may be hardworking and diligent but they may lack the required the innovation and leadership qualities that a good entrepreneur needs. With the right guidance and mind set, one can not only know if they have the mindset to be an entrepreneur but they could also land themselves with an ideal specialization field that holds their interest and enhances their talent in a profitable manner.

For instance, you would not wish to invest your hard earned income into starting a new business just to find out that you could not allot the intense time and attention that a self-business requires. Of course, this would not be like your 9 to 5 paid jobs. The time would stretch and the return may fluctuate. You may end up losing everything that you put in the business or sometimes the investment takes so long to pay back that you may lose your faith in your idea. Thus, consulting a professional to help you organize and manage your investment and resources and set up your business may be much better than going about it alone.

You can start the business with a partner, given that your decisions do not conflict as that can get you in an unwanted fiasco. Sometimes young and fresh entrepreneurs driven by the motivation of division of the resources and investment, start a business with a partner, only to discover that you both had mixed intentions towards the business. Talking to others who had started this journey is also a wise move. By talking to them, you can find out about their experiences and how they dealt with initial hindrances. Getting an external, professional opinion about your idea will always boost your ego and motivate you to work more earnestly towards the profession.

Once you see the signs that you have what it takes to bring a fresh, new entrepreneurial idea in the market, the next step would be to arrange for the adequate startup capital that you will require. Not everyone will have enough savings to fund the business themselves. There can be different sources through which one can obtain finance. They are as follows:

1. Self-Finance

Self finance involves generating growth capital for a firm’s own income instead of raising it using external sources. It is the fastest way to acquire capital for your firm. Huge businesses such as Apple and Google started off this way.

2. Bank loans

Bank Loans and venture capital would require for you to present a business plan before they can give you the loan. This is because no institution would wish to invest in a lost cause and the more well thought your business plan is, the more it will depict to the institution how serious you are with the proposal and that you have thought your business through. Hence, giving ample time and coming up with a strong business proposal is vital for any newly establishing business who seeks to obtain sufficient capital to kick off. The business proposal will contain your vision for the business, a detailed plan of how do you plan to spend the capital, and pro forma financial statements.

3. Venture Capital

Venture Capital involves the provision of capital to start-up firm. The fund obtains money by owning equity in the firm that it provides it capital to. For venture capital too you would have to give your business plan to the fund.

4. Start the business with a partner

Starting a partnership has different legalities involved, as compared to a sole proprietorship. If you lack finances, skills or contacts then finding a partner who makes up for what you lack is a great idea.

Finally, once you have acquired the loan, you move onto the toughest part of your endeavor, the practical implication of your idea and vision. The location of your business may be your first concentration – of course after the nature of your business. The location will determine all your further expenses and hence revenues. Do you wish to trade online and operate from home? Cheap but may be overlooked by a lot of potential customers, especially if you are selling consumer goods. Or do you wish to set up in the most commercial area of your region, expensive but it would be sure to capture a lot of customers. You need to start thinking like an entrepreneur. Trust your instincts. Be aware that the higher the risks, the greater the return, given that it was a logical, wisely calculated risk.

Once you’ve decided on the basics and your business in on the go and running, have faith in it and give it your best. Remember, it is your business and you are the owner, if you won’t believe in its prosperity, no one else will. Treat it like your own new born; treat it with love, attention and dedication, and before you know it, you can be on the cover of the Financial Times as the rising Entrepreneur of the year or month. Remember, all those people who do make it there start off with the same keys and in the same position as you do.